Expolanka posts Rs. 194 m after tax profit in1Q

Tuesday, 12 August 2014 00:43 - - {{hitsCtrl.values.hits}}

Expolanka Holdings Plc in a statement said it has recorded a revenue of Rs. 12, 388 million and a net profit of Rs. 194 million for the first quarter of the financial year 2014/15. The recorded net profit attributable to equity holders of the Group was Rs. 173 million in comparison to the Rs. 323 million recorded during the corresponding period last year. Expolanka Holdings PLC Group CEO and Executive Director Hanif Yusoof commented: “As a Group we are at the threshold of a new and an exciting phase in our journey. During this quarter we finalised a strategic deal with SG Holdings Japan which acquired a controlling stake in the Group amounting to 51.43%.” “SG Holdings, a leading logistics company in Japan, has a robust presence in the Asian region as well as considerable expertise in express services and transportation. In this context, we plan to achieve sustainable growth and develop our international business presence in the long term with special focus on our core portfolio of businesses, with a particular emphasis on Freight and Logistics,” Yusoof said. Earnings from the Freight and Logistics sector for the first quarter recorded revenue of Rs. 8, 598 million. The sector growth remained flat due to less than expected yield in the Far East, which affected the profit margin. Perfomances in Bangladesh and India dampended results due to volatile market conditions that are not conducive to growth. However, Indonesia and China performed well in this sector. The Group expects the Indian business to settle following the post-election activities, resulting in a positive shift. The Travel Leisure sector recorded revenue of Rs. 679 million with a marginal increase of 2% in comparison to the corresponding period of last year. Classic Travel’s outbound travel service market witnessed a growth while Akquasun business margins improved post the restructuring efforts. In the International Trading and Manufacturing sector, Expolanka Ltd. posted a healthy margin following the restructure of its operations Expolanka Teas continues to face challenges due to the unstable market conditions in the Middle East. Yusoof added: “In the current business year, we will concentrate on achieving higher profitability and continued growth in all business units. We are optimistic about our growth opportunities within this financial year.”

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